PhD | Senior Project Manager Biotech, Business Development Senior Manager BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselarea. swiss
Pharma research company Idorsia has completed its first full financial year. Chief Executive Officer Jean-Paul Clozel feels the company has made outstanding progress. Demerger activities were completed with the spin out from Actelion.
Idorsia was founded as a spin-off pharmaceutical company in 2017 in the course of the sale of Actelion to Johnson & Johnson. Last year, the demerger activities were completed, “with all core systems now running independently of Actelion – this is an outstanding achievement in such a short space of time,” explained Chief Financial Officer André C. Müller.
Comparability between the financial results for 2018 and those of 2017 is only possible to a limited degree as the company was only actually operational for 6.5 months in 2017. For 2018, the company posted an operating income loss of 371 million Swiss francs and net loss of 386 million francs.
Its high expenditure in the previous year bore fruit, with four Idorsia product candidates now in Phase 3 development. These are aprocitentan for resistant hypertension management, clazosentan for the treatment of vasospasm associated with aneurysmal subarachnoid hemorrhage, lucerastat against Fabry disease and ACT-541468 for insomnia. Six further candidates have also entered the clinical development stage.
“Idorsia made outstanding progress with all of our strategic priorities in 2018. We advanced our late-stage pipeline, bringing four products into Phase 3 development. On top of that enormous undertaking, we have advanced our early-stage development pipeline and continued our discovery efforts,” commented CEO Jean-Paul Clozel in the press release. “With the appointment of Simon Jose as Chief Commercial Officer, we have started to build a global commercial organization to realize the full potential of Idorsia’s innovative pipeline and make strategic decisions on how to commercialize our broad range of assets.”